Electronic Funds Transfers (EFTs, Wire Transfers) - transferring money from one bank account to another without any paper money changing hands. Ex. Direct Deposit.
Electronic data interchange (EDI) – when one business transmits computer-readable data in a standard format to another business by using networks such as Value Added Networks (VAN) or the Internet. EDI is becoming to be a easy mechanism for companies to buy, sell, and trade information.
Value-added Network – independent firm that offers connection and transaction-forwarding services to buyers and sellers engaged in EDI.
Value-added Network – independent firm that offers connection and transaction-forwarding services to buyers and sellers engaged in EDI.